Bank For International Settlements Report: Big Banks Take Risks Expecting Taxpayers To Cover Losses
Bank For International Settlements Report: Big Banks Take Risks Expecting Taxpayers To Cover Losses FRANKFURT, Germany — Governments, banks and households struggling with too much debt are dragging down the world’s economy and more needs to be done to make the banking system safer, a global organization of central banks warned Sunday. The Bank for … Read more
Lynn Szymoniak’s Fraudclosure Story in 60 Minutes Wins Prestigious Loeb Award
Lynn Szymoniak’s Story in 60 Minutes Wins Prestigious Loeb Award Earlier this month, I had the pleasure of appearing on a panel at Netroots Nation with, among others, Lynn Szymoniak, the lawyer and forensics expert who during her own foreclosure case recognized the massive fraud in documentation being perpetrated by banks. Lynn devoted the next … Read more
Michael Olenick | Irrational Exuberance, Housing Edition
Michael Olenick: Irrational Exuberance, Housing Edition By Michael Olenick, creator of FindtheFraud, a crowd sourced foreclosure document review system (still in alpha). You can follow him on Twitter at @michael_olenick or read his blog, Seeing Through Data … how do we know when irrational exuberance has unduly escalated asset values, which then become subject to … Read more
IMF Report | Systemic Banking Crises Database – An Update
Systemic Banking Crises Database – An Update Summary: We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes (i.e. fiscal costs, output losses, and increases in public debt). We also update our dating of sovereign … Read more
Glass-Steagall Return Would Boost Banks, FDIC’s Hoenig Says
Glass-Steagall Return Would Boost Banks, FDIC’s Hoenig Says A revival of the Glass-Steagall Act, the Depression-era law that separated commercial and investment banking, is “absolutely necessary” to protect the U.S. financial system, Federal Deposit Insurance Corp board member Thomas Hoenig said in a Bloomberg Radio interview. Using Dodd-Frank Act powers to break up banks one-by-one … Read more
Abigail Field | The Banks’ Huge Eaton Loss: Showing the Note Owner
The Banks’ Huge Eaton Loss: Showing the Note Owner The seminal Eaton v. Fannie Mae decision by the Massachusetts Supreme Judicial Court is not a huge banking industry win going forward. In fact, if the Legislature lets it stand, it’s a huge homeowner win. Forget the part about the decision applying in the future only; … Read more
Henrietta Eaton and the Boston Foreclosure Party
Henrietta Eaton and the Boston Foreclosure Party Written by Fr. Emmanuel Lemelson Republished w/ permission On June 22nd, 2012 the Massachusetts supreme court ruled on a very simple principle, that is to say a foreclosure by sale requires the foreclosing mortgagee, at the time of the sale, to hold both the mortgage and the underlying … Read more
Foreclosure Machinery Creaks Back to Life
Foreclosure machinery creaks back to life Ever since the robo-signing scandal erupted in October 2010, large U.S. banks have slowly come to realize that their practices are under ever-increasing scrutiny. A “Duh!” observation for most people, but not, apparently, for bankers. Belatedly, the bankers took a closer look at their internal procedures for handling defaulted … Read more
Lender Processing Services Take Your Dog to Work Day (For Real)
When I saw this article on LPS’ take you dog to work day, all I could picture is the above image that was submitted to 4closureFraud.org last year… HA! ~ 4closureFraud.org Tweet
CFPB | Obama’s Consumer Watchdog Gets Sued Over Recess Appointment
Obama’s consumer watchdog gets sued A small Texas bank, together with two conservative advocacy groups, have filed suit against the Consumer Financial Protection Bureau, claiming that its powers and Obama’s recess appointment of its director are unconstitutional. The State National Bank of Big Spring, Tex., the Competitive Enterprise Institute and the 60 Plus Association, a … Read more
Adam Levitin | Eaton v. Fannie Mae Analysis
Eaton v. Fannie Mae Analysis The Massachusetts Supreme Judicial Court finally issued its long-awaited ruling in Eaton v. Fannie Mae. This case involved the question of whether a “naked mortgagee”–a mortgagee that was not also the holder of the promissory note–had standing to foreclose. (Full disclosure: I submitted a pair of amicus briefs in the … Read more
FHFA vs Illinois | FHFA Strikes Back – Sues Clerk of Courts’, Dept of Revenue to End Real Estate Transfer Taxes on Fannie and Freddie
The Federal Housing Finance Agency filed a lawsuit against the state of Illinois and several county clerks to shield Fannie Mae and Freddie Mac from real estate transfer taxes. The Illinois Department of Revenue and six clerk of courts in counties around the state will impose the taxes on real estate transferred to and from … Read more
Bill Moyers | Matt Taibbi and Yves Smith (VIDEO)
The tangled web of banks and government with Rolling Stone’s Matt Taibbi and Yves Smith of the website Naked Capitalism. ~ 4closureFraud.org Tweet
PNC Says They Have “Washed Their Hands” of the Cruz Family, 100k Signers Disagree
PNC Says They Have “Washed Their Hands” of the Cruz Family, 100k Signers Disagree This morning David and Alejandra Cruz went back to PNC Bank’s headquarters in Pittsburgh to demand a meeting with PNC executives that have the authority to offer them a good faith negotiation (yesterday they were pawned off on low level PR … Read more
Let’s Make A Deal | BofA Fined $2.8 Million for Overbilling Customers $32.2 Million
BofA Fined $2.8 Million for Overbilling 95,000 Accounts Bank of America Corp.’s Merrill Lynch wealth-management unit was fined $2.8 million by the Financial Industry Regulatory Authority for overbilling customers by $32.2 million over an eight-year period. Merrill Lynch charged the fees to about 95,000 accounts between April 2003 and December 2011, FINRA said in a … Read more
Abigail Field | IN RE: Strassfield – Wells Fargo: Lying, Cheating, Paranoid, Vicious
Wells Fargo: Lying, Cheating, Paranoid, Vicious Wells Fargo (WFC) is in a class by itself when it comes to treating the rule of law and human beings badly. Lying, cheating, paranoid and vicious are the first words that come to my mind in free association with Wells; read and see if you agree. Transferring Property … Read more
Taibbi on Imus: How Municipal Bond-Rigging Robbed Americans of Billions
Watch the latest video at video.foxbusiness.com ~ 4closureFraud.org Tweet
Ranking Member Cummings Applauds CFPB on Joint Guidance to Protect Military Families from Foreclosure
Ranking Member Cummings Applauds CFPB on Joint Guidance to Protect Military Families from Foreclosure Testifies Before the Veterans Affairs Subcommittee on His Bill to Expand Home Foreclosure Protections for Servicemembers and Their Families Washington, DC – Ranking Member Elijah E. Cummings commended the Consumer Financial Protection Bureau (CFPB) and housing regulators for issuing joint guidance … Read more
OCC | Agencies Release Financial Remediation Guidance, Extend Deadline for Requesting a Free “Independent” Foreclosure Review to September 30, 2012
Agencies Release Financial Remediation Guidance, Extend Deadline for Requesting a Free Independent Foreclosure Review to September 30, 2012 The Office of the Comptroller of the Currency and the Federal Reserve Board Thursday released guidance that will be used in determining the compensation or other remedy that borrowers will receive for financial injury identified during the … Read more
Closed Courtrooms | DBR Rant on Akerman Senterfitt, HSBC v ABBY G. LOPEZ Case RE Purging File
Video Platform Video Management Video Solutions Video Player Pacenti’s rant: Closed Courtrooms Reporters are increasingly being barred from hearings and depositions. But John Pacenti says a reporter’s right to cover hearings and proceedings is crucial to the public interest. ~ 4closureFraud.org Tweet
